Pursuant to Art. 227, para. 2, of the Constitution of the Republic of Poland and Art. 6 of the Act on Narodowy Bank Polski, the Monetary Policy Council constitutes one of the directing bodies of NBP.

The Council was constituted on February 17, 1998. It is composed of:

a Chairperson, this being the President of NBP,

nine members appointed in equal numbers by the President of the Republic of Poland, the Sejm and the Senate.

Members of the Council are appointed for a term of six years.

Under Art. 12 of the Act on NBP, the Monetary Policy Council:

draws up annual monetary policy guidelines and submits these to the Sejm, for the information thereof, together with the submission by the Council of Ministers of the draft Budget,

presents a report to the Sejm on the performance of monetary policy guidelines within five months of the end of the fiscal year,

sets NBP base interest rates,

determines the procedures governing the reserve requirement and sets the reserve ratio,

sets ceilings on the liabilities arising from loans and advances drawn by NBP from foreign banking and financial institutions,

approves the NBP financial plan and report on operations,

accepts the annual accounts of NBP,

determines the principles applicable to open market operations.

The Monetary Policy Council also assesses the activity of the NBP Management Board in its performance of monetary policy guidelines, and adopts accounting principles for NBP, these being submitted to the Council by the President of NBP.

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